Gamehaus Stock (GMHS): A Mobile Game Publisher Bets on AI Content With Its Anamana Deal

Gamehaus Holdings Inc. (Nasdaq: GMHS) has spent most of its short life as a public company publishing casual and social casino mobile games for small and mid-sized studios. Now it is trying to become something else. In August 2026 the Shanghai-based company said it would shift its focus toward AI-generated content, and on November 2, 2026, it signed agreements to take a majority stake in Anamana, an AI-native micro-serial video platform, largely paid for in new Gamehaus shares.

That combination is why Gamehaus stock is drawing attention: a profitable but shrinking game business, a sub-$1 share price with a Nasdaq compliance deadline in January 2027, and a related-party acquisition that could add roughly 43% to the share count. This page sets out what the filings and company releases show, so investors can judge whether Gamehaus deserves a closer look.

Gamehaus at a glance

Business overview: what Gamehaus does

Reported: Gamehaus began operating through Shanghai Kuangre Network Technology in August 2016. It says it has published about 110 mobile games with more than 200 million cumulative downloads and has worked with more than 70 developer partners, typically under exclusive licensing agreements. Genres include social casino, match, simulation, RPG, puzzle and bingo, with social casino the most popular. These figures come from the company’s July 2026 Form F-3 prospectus.

Reported: The company earns money in two ways: players buying virtual items and currency inside games (US$94.5 million in fiscal 2026) and in-game advertising (US$10.2 million). Games are distributed mainly through the Apple App Store and Google Play, with a growing share sold direct-to-consumer through web shops such as Appcharge. Gamehaus said direct-to-consumer revenue reached 16.2% of the mix at fiscal year-end and targets more than 20% by December 31, 2026 (company target). Selling through web shops avoids part of the app-store commission.

Reported: Leadership: Feng (Brian) Xie is founder and chairman and controls 90.61% of the voting power through the company’s dual-class structure, where each Class B share carries 50 votes. Yimin Cai is chief executive officer.

Key operating metrics

Source: Gamehaus fiscal 2026 results release, September 8, 2026. The pattern is clear: fewer players, but each remaining player spends more.

The catalyst: the Anamana majority-stake deal

Reported: On November 2, 2026, Gamehaus signed a Share Purchase Agreement and a Share Subscription Agreement with Techforge Co., Ltd, the holding company of Singapore-based Anamana Pte. Ltd. The deal has two parts:

• Share purchase: Gamehaus buys 7,778 existing Techforge shares from selling shareholders for US$19.6 million, paid entirely in about 24.5 million newly issued Gamehaus Class A shares at US$0.80 each, in a private placement.
• Cash investment: Gamehaus subscribes for 2,526 new Techforge shares for US$7.0 million in cash, paid into Techforge from Gamehaus’s own funds.
• Ownership after closing: about 56% of Techforge.
• Timing and approvals: closing expected in November 2026, subject to customary conditions; the company says Gamehaus shareholder approval is not required. Gamehaus agreed to try to file a resale registration statement for the new shares within 60 days of closing.

Reported: Anamana was founded in 2025. It describes itself as an AI-native micro-serial platform where creators use an agentic AI tool, Anamana Studio, to produce serialized short video that is distributed on its own app and on YouTube and TikTok. Company claim, not independently verified: Anamana says its tools cut production capital, time and manpower by up to 97%. The release disclosed no revenue, user numbers or valuation for Techforge.

Management view: “We see an opportunity to apply the capabilities we have built in gaming to a broader range of AI-powered entertainment,” said Feng Xie, founder and chairman.

Our analysis: At 56.8 million shares outstanding, issuing about 24.5 million new shares would raise the count by roughly 43% to about 81.3 million, and the sellers would hold roughly 30% of the enlarged company. The US$0.80 issue price is above the US$0.6067 close on November 3, 2026. The US$7.0 million cash payment equals about 40% of the US$17.6 million cash Gamehaus held on June 30, 2026. Open questions include what Techforge earns today, how the selling shareholders’ stake was valued, and how the deal changes the chairman’s economic interest.

Market analysis: mobile games and short-form drama

Estimate: Sensor Tower’s State of Mobile 2026 report put global consumer spending on mobile games at US$81.8 billion in 2025, based on Apple App Store and Google Play estimates. Newzoo, which uses a broader definition, estimated 2025 mobile game revenue at US$113.3 billion, up 10.7%, and forecasts US$121.1 billion in 2026 (Newzoo forecast, reported June 19, 2026). The gap reflects method: Sensor Tower tracks in-app spending in the two main app stores, while Newzoo’s figure covers a wider range of channels.

Estimate: Short-drama apps, which serve minute-long serialized episodes, are growing quickly. Sensor Tower estimated global in-app purchase revenue for the category at about US$700 million in the first quarter of 2025, nearly four times the year before, with the U.S. accounting for about 49%. Those figures exclude advertising and third-party Android stores.

Management view: On the September 2026 earnings call, Gamehaus said its casual publishing model faces structural pressure. Shawn Zhang, head of capital markets and investor relations, said: “The player base in mature markets has been contracting.” Management also said platform attribution and targeting capabilities “have continued to weaken,” making paid user acquisition less efficient.

Competitive analysis

Source: Playtika Q4 2025 results (Feb. 26, 2026); DoubleDown Interactive FY2025 results (Form 6-K, Feb. 11, 2026); PLAYSTUDIOS FY2025 results (Mar. 16, 2026); Gamehaus FY2026 results (Sept. 8, 2026).

Fiscal periods differ: peers report calendar 2025; Gamehaus reports the year ended June 30, 2026.

Our analysis: Peers face the same pressures Gamehaus describes: mature casino-style audiences, rising user-acquisition costs and a push to move payments off the app stores. Gamehaus differs in that it mostly publishes other studios’ games rather than building its own, which keeps R&D spending low (US$6.3 million in fiscal 2026) but leaves it dependent on finding new hits. In AI-generated video it would compete with established short-drama apps such as ReelShort and DramaBox and with the creator tools of large platforms.

Financial snapshot and outlook

Source: Gamehaus FY2025 results release (Exhibit 99.1, Form 6-K, SEC) and FY2026 results release (Sept. 8, 2026).

Reported: Revenue declined from US$145.2 million in fiscal 2024 to US$118.0 million in fiscal 2025 and US$104.7 million in fiscal 2026. Gross profit, derived from reported revenue less cost of revenue, was US$55.2 million, a 52.7% gross margin. Selling and marketing remained the largest expense at US$41.0 million, down 15.2%. Operating income was US$1.4 million (a 1.3% operating margin); other income of US$2.5 million lifted pre-tax income to US$3.9 million. Net income attributable to Gamehaus shareholders was US$4.3 million, or US$0.08 per share, compared with US$4.0 million in fiscal 2025.

Reported: The fourth quarter showed the pressure more clearly: revenue of US$24.3 million was down 20.8% from US$30.7 million a year earlier, with an operating loss of US$0.76 million offset by other income.

Source: Gamehaus quarterly results releases (Nov. 25, 2025; Mar. 23, 2026; Jun. 8, 2026; Sept. 8, 2026).

The dashed Q1 FY2027 box is a forecast: company guidance of approximately US$20 million to US$23 million, not a reported result.

Reported: The balance sheet is light on debt. At June 30, 2026 Gamehaus held US$17.6 million in cash, US$5.1 million in short-term investments and US$2.3 million in long-term investments, against US$0.8 million of short-term loans and US$1.8 million of lease liabilities. Total shareholders’ equity was US$38.7 million.

Company guidance: For the first quarter of fiscal 2027 (ending September 30, 2026), Gamehaus expects revenue of approximately US$20 million to US$23 million. Management said revenue from the existing portfolio should decline gradually. The company has not given guidance for the Anamana business, and Vanderbiltreport.com does not make its own projections.

Reported: Gamehaus has a US$5 million buyback authorization, extended to August 28, 2027; it had repurchased about 518,000 shares for about US$0.6 million by June 30, 2026. In July 2026 it filed a US$200 million mixed shelf registration (Form F-3), which would let it sell shares, warrants, debt or units over time.

Growth drivers

• Management view: AI content strategy. Announced August 12, 2026: Gamehaus plans to build AI content-generation tools for third-party creators, keep a small in-house team to test them, and start with casual mobile games before possibly moving into short animated drama and drama-game hybrids. It also made an undisclosed minority investment in an early-stage AI game-generation studio earlier in 2026.
• Reported: Anamana acquisition. It gives Gamehaus a majority-owned platform in AI micro-serial video, with distribution through its own app, YouTube and TikTok.
• Company guidance: Direct-to-consumer payments. Target of more than 20% of revenue by December 31, 2026, up from 16.2%.
• Reported: Higher spending per player. Revenue per daily active user rose 18% to US$0.547 in fiscal 2026, and payer conversion improved to 2.4%.
• Reported: Internal AI adoption. The company said 70% of employees were using its internal AI agent system as of July 16, 2026, and cited lower headcount in reducing administrative costs.

Risks and considerations

• Nasdaq minimum bid price. Reported: Nasdaq notified Gamehaus on July 10, 2026 that its shares had closed below US$1.00 for 30 consecutive business days. It has until January 6, 2027 to close at or above US$1.00 for at least 10 consecutive business days, and may be eligible for a further 180 days if it meets other listing standards.
• Shrinking core business. Revenue has fallen two years in a row, and average daily active users fell 27% in fiscal 2026.
• Dilution. About 24.5 million new shares for Anamana, a US$200 million shelf registration and a 2023 equity plan with 6.96 million authorized shares could all increase the share count.
• Related-party and governance risk. An entity controlled by the chairman is among the Techforge sellers. The chairman holds 90.61% of the voting power, so outside shareholders have little say, and Gamehaus is a controlled company under Nasdaq rules.
• Unproven new business. Anamana was founded in 2025, and no revenue or user data was disclosed. Its claimed cost savings are company statements.
• Platform dependence. At June 30, 2026, Apple, Google and Appcharge accounted for about 50%, 21% and 11% of accounts receivable. Policy or fee changes could hurt results.
• China-related risks. Gamehaus is a Cayman Islands holding company with operating subsidiaries in mainland China, Hong Kong and Singapore. Its 20-F warns that PRC regulators could affect its structure and that U.S. audit-inspection rules (HFCAA) could lead to trading restrictions.
• Developer and hit dependence. The company relies on partner studios and on finding games that succeed. It also discloses that it has no cyber-security insurance.
• Small, thinly held float. Institutional ownership is about 0.2% (Stock Analysis), which can mean volatile trading.

The bottom line on Gamehaus stock

Gamehaus is a small, profitable, debt-light mobile game publisher whose core business is shrinking. Management is responding by moving the company toward AI-generated content, and the Anamana deal is the first large step. For investors, Gamehaus stock now depends less on social casino results and more on whether that pivot works. The deal also brings dilution, related-party questions and an unproven target, while a Nasdaq listing deadline approaches.

Milestones to watch: the Anamana closing and any Techforge financial disclosures; Q1 fiscal 2027 results against the US$20–23 million guidance; any step to regain Nasdaq bid-price compliance before January 6, 2027; the direct-to-consumer share against the 20% target; and any use of the US$200 million shelf.

References

Compensation Disclosure and Publisher Disclaimer

Compensation Disclosure: Vanderbiltreport.com is owned by a US-based corporation. We have received compensation of up to $100,000 for profiling the company. Vanderbiltreport.com was not paid by Gamehaus Holdings Inc.

Publisher Disclaimer: Vanderbiltreport.com publishes news and information for general informational and educational purposes. Information is compiled from sources believed to be reliable, but Vanderbiltreport.com does not guarantee the accuracy, completeness, or timeliness of all information presented. Readers should independently verify information and conduct their own research before making financial, investment, business, or other decisions.